The Consumer Financial Protection Bureau (CFPB) is seeking public comment on a new proposed policy on no-action letters. The bureau is proposing to revise its 2016 policy, which has only seen one no-action letter issued since its inception, to streamline the application process.

RESPRO has teamed up with the American Land Title Association (ALTA) and other agencies to send a message to new Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger. The associations want Kraninger to use existing regulatory authority to update the TRID rule to allow the accurate disclosure of title insurance premiums and any potential available discounts to homeowners.

Although Blockchain usage is not yet widely prevalent in the industry, it likely soon will become a major part of all real estate transactions in the near future, according to the National Association of Realtors (NAR). A guidance paper from NAR seeks to educate Realtors on what exactly Blockchain technology is, as well as regulatory hurdles that could arise as the technology begins to penetrate the market.

In a continuing effort to help end veteran homelessness, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) will provide a second round of funding to help provide permanent homes to veterans and their families experiencing homelessness in six states and Washington, D.C. The program will give an additional 424 vouchers to local public housing agencies.

A pair of borrowers sued their servicer for more than $1 million in lost equity in their California home. They also sought various fees, costs and emotional distress damages. The complaint alleged the servicer’s 39-month delay in their loan mitigation process forced them to sell their home quickly rather than look into other loss mitigation options.

A former National Association of Realtors (NAR) economist has been nominated to head the Federal Housing Finance Agency (FHFA) by President Donald Trump. Mark Calabria currently serves as the chief economist for Vice President Mike Pence. If confirmed by the Senate, Calabria will succeed current FHFA Director Mel Watt, who has led the agency since 2014.

The Department of Justice (DOJ) is arguing the Consumer Financial Protection Bureau (CFPB) is unconstitutional because the agency’s single director cannot be removed without cause. This marks the first time the government has alleged the CFPB is unconstitutional. State National Bank of Big Spring, Texas, has petitioned the U.S. Supreme Court to rule on a lawsuit making a case for the abolishment of the bureau and every regulation enacted by it.

Kathy Kraninger began her first official day as the Consumer Financial Protection Bureau’s (CFPB) new director on Dec. 11. She was sworn in Dec. 10 by Vice President Mike Pence and held a press conference the next day.

The Consumer Financial Protection Bureau (CFPB) has entered into a settlement agreement with a federal savings association accused of obtaining consumer reports without a permissible purpose. According to the consent order, the bank obtained consumer reports of consumers who were not seeking a credit extension or involved in any form of credit transaction, account review or account collection.

The National Association of Realtors (NAR) has announced staffing changes in the organization’s advocacy, marketing communications, member experience and technology groups. NAR said its new organizational structure is designed to bolster its advocacy efforts by realigning its lobbying resources to interact more effectively on key issues with members of Congress and key committees most relevant to the real estate industry.

A previously undisclosed U.S. Department of Education (DOE) audit report bolsters allegations that the nation’s largest federal and private student loan servicer illegally cheated struggling student borrowers out of their rights to lower repayments, according to U.S. Sen. Elizabeth Warren (D-Mass.). The Consumer Financial Protection Bureau (CFPB) filed a complaint in January 2017 against Navient, formerly known as Sallie Mae, Inc.

The Consumer Financial Protection Bureau (CFPB) has filed a claim of deception against a non-bank mortgage company that allegedly misled veterans by overstating the benefits of refinancing. According to the lawsuit, the Nevada company hired a team of loan officers to staff a new Texas office to generate loans through in-home visits to veterans.

Dive into the world of RESPA with enforcement expert Phil Schulman. Learn about co-marketing activities following the CFPB decision to close its investigation of Zillow, complying in a post-PHH world, and what enforcement looks like with new leadership at the CFPB.

12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.

An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.

An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.

A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.

A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.

Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.

Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.

Under Regulation X, required use means a situation in which a person must use a particular provider of a settlement service in order to have access to some distinct service or property, and the person will pay for the settlement service of the particular provider or will pay a charge attributable, in whole or in part, to the settlement service.

However, the offering of a package or (combination of settlement services) or the offering of discounts or rebates to consumers for the purchase of multiple settlement services does not constitute a required use. Any package or discount must be optional to the purchaser. The discount must be a true discount below the prices that are otherwise generally

12 USC Section 2607 or Section 8 is titled Prohibition against kickbacks and unearned fees. It prohibits fees or kickbacks for referrals. It also prohibits accepting a portion of fee except for services actually performed. Section 8 provides information on what payments are allowed under this section and the penalties for violations.

12 USC Section 2608 or Section 9 is titled Title companies; liability of seller. This section states that a seller cannot require, as a condition of selling the property, that title insurance be purchased by any particular title company. Section 9 states that a seller who violates this section is liable to the buyer for treble damages.

12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.

Under RESPA, settlement service includes any service provided in connection with a real estate settlement. The statute provides a list of services.

Under Regulation X, settlement service means any service provided in connection with a prospective or actual settlement. The regulation provides an extended list of services as compared to the statute.

RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.

A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.